HOME LOAN

A home loan is a type of loan used to finance the purchase of a house or property. Borrowers can use a home loan to pay for the cost of the property, closing costs, and other expenses associated with buying a home. The loan is secured by the property, which means the lender can take possession of the property if the borrower fails to repay the loan. Home loans typically have a longer repayment period and lower interest rates compared to other types of loans.

The eligibility criteria for a home loan can vary among lenders, but some common factors include:

1.Age: Borrowers must be at least 18 years old.

2.Income: Borrowers must have a stable income and the ability to repay the loan.

3.Employment: Borrowers must be salaried or self-employed with a regular income.

4.Credit history: Borrowers must have a good credit score and a history of timely repayments.

5.Loan-to-value ratio: The loan amount cannot exceed a certain percentage of the property value.

6.Employment of property: The property must be legally owned and must have a clear title.

7.Employment of the borrower: The borrower must not have any ongoing legal disputes or bankruptcy proceedings

The following documents are required for a home loan for a (salaried individual):

1.ID Proof: PAN card, Aadhaar card, passport, or driving license.

2.Address Proof: Aadhaar card, passport, driving license, or utility bill.

3.Income Proof: Latest 3 months’ salary slips and Form 16 or Income Tax Returns for the previous 2 years.

4.Bank Statement: Latest 6 months’ bank statement showing salary credits.

5.Age Proof: Birth certificate, 10th standard certificate, or passport.

6.Signature Proof: Passport or PAN card.

7.Property Documents: All relevant documents related to the property such as the title deed, property tax receipt, and NOC from the builder (if applicable).

The following documents are required for a home loan for( self-employed professionals):

  1. Proof of identity and age (e.g. PAN card, Aadhaar card)
  2. Proof of residence (e.g. utility bill, voter ID)
  3. Proof of business existence and continuity (e.g. business registration certificate, GST returns)
  4. Last 3 years IT returns, along with computation of income
  5. Bank statements for the last 6 months
  6. Proof of property ownership (e.g. sale agreement, title deed)
  7. Proof of income, including financial statements, balance sheets and profit & loss statements for the last 3 years.

The following documents are required for a home loan for (self-employed business owners):

  1. Proof of identity and age (e.g. PAN card, Aadhaar card)
  2. Proof of residence (e.g. utility bill, voter ID)
  3. Proof of business existence and continuity (e.g. business registration certificate, GST returns)
  4. Last 3 years IT returns, along with computation of income
  5. Bank statements for the last 6 months
  6. Proof of property ownership (e.g. sale agreement, title deed)
  7. Proof of income, including financial statements, balance sheets, and profit & loss statements for the last 3 years.
  8. Business profile and other details about the business operation.
  9. Gst certificate.
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